| Property | Two semi-detached houses on a garden plot |
|---|---|
| Location | Bishopston, Bristol |
| Client | First-time developer with property investment experience |
| Product | Development finance |
The challenge
Many development lenders want a track record, and this was the client's first build. The site was tight, and lenders wanted confidence in the build team.
What we did
We focused on lenders that back first-time developers on small schemes, at a lower LTGDV. The client appointed an experienced contractor on a fixed-price contract, with a project manager overseeing the build. A monitoring surveyor reviewed the budget and each drawdown. The client also put in a larger cash contribution.
The outcome
Both houses were completed and sold, and the client is now planning a second scheme.
Development financeFunding for ground-up builds, conversions and heavy refurbishment, released in stages as work progresses.
Learn moreImportant: Bridging and development finance are short-term, secured borrowing and can be expensive. You need a clear, realistic exit plan. Loans secured on a home you live in may be FCA-regulated; most others are not. Your property may be repossessed if you do not keep up repayments.